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Electric Power Steering Market Poised for Significant Growth, Projected to Reach $37.1 Billion by 2031
Electric Power Steering Market
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Geography:
Asia-Pacific: Expected to dominate the market with over 36% share in 2024 and the highest CAGR of above 7.0%. The region's growth is fueled by the rising EPS system penetration in countries like India, China, and Japan, alongside increasing EV production and technological advancements such as steer-by-wire technology.
Key Industry Players
The electric power steering market is highly competitive, with key players including: JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Nidec Corporation (Japan), Magna International Inc. (Canada), ContiTech Deutschland GmbH (Germany), HYCET Technology Co., Ltd (China), HL Mando Corporation (South Korea), Mitsubishi Electric Mobility Corporation (Japan), Nexteer Automotive Corporation (U.S.), NSK Ltd. (Japan), thyssenkrupp AG (Germany), Hitachi Astemo Americas, Inc. (A Subsidiary of Hitachi America Ltd) (U.S), and MAHLE GmbH (A Subsidiary of Mahle Stiftung GmbH) (Germany).
These industry leaders are instrumental in driving innovation and advancing EPS technologies.
Market Drivers and Challenges
The electric power steering market is driven by:
Enhanced Driving Experience: The growing preference for EPS to improve vehicle handling and comfort.
Reduced Vehicle Weight and Complexity: EPS technology's role in minimizing vehicle weight and mechanical complexity.
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Rising Electric Vehicle Adoption: The shift towards electric vehicles (EVs) is spurring EPS deployment to improve energy efficiency.
However, the market faces challenges, including:
Limited Load-Bearing Capacity: Constraints in EPS systems' load-bearing capacity.
Complete Replacement Needs: The challenge of replacing EPS systems in case of malfunctions, which affects market dynamics.
Market Segmentation
The electric power steering market is segmented into product types, applications, and geographies:
Product Type:
Rack-Assist Electric Power Steering: Anticipated to hold over 40% of the market share in 2024 due to its ability to enhance steering precision, fuel efficiency, and response. Notable advancements include Nexteer Automotive Corporation's launch of the Modular Rack-Assist Electric Power Steering (mREPS) system, which addresses diverse OEM requirements.
Column-Assist Electric Power Steering: Expected to grow at the highest CAGR during the forecast period, driven by its compact design and integration with advanced driver-assistance systems. The segment's expansion is supported by its ability to reduce steering wheel vibrations and enhance driving safety.
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Application:
Internal Combustion Engine Vehicles: Predicted to capture more than 68% of the market share in 2024, reflecting its widespread adoption in ICE vehicles for improved driving experiences and energy efficiency. The integration of EPS with various vehicle control systems, including lane-keeping assist and automatic parking, underscores its significance.
Electric Vehicles: Set to record the highest CAGR due to the growing adoption of EPS for enhanced safety, energy efficiency, and reduced vehicle complexity. EPS systems in EVs provide variable steering assistance, catering to different driving speeds.
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